The market forces weighing crude tanker values should also curb newbuilding orders, according to shipping executives speaking at a Capital Link-sponsored roundtable. Second-hand pricing is under heightened pressure because many tankers are for sale, explained Frontline CEO Robert Hvide Macleod. "The number of ships for sale will keep newbuilding orders down. Ships on the water for sale will act as a safety valve," said Macleod, who believes any capital attracted to the sector should be drawn to ships on the water before newbuildings because the latter offers much less certainty on rate conditions at the time of delivery.
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